Monetary Authority of Singapore and Industry Group Launches New Asset Management Industry Group – SFIG
28th April 2021 | Singapore
The central bank of Singapore Monetary Authority of Singapore (MAS) and the asset management industry have jointly launched a new industry group, the Singapore Funds Industry Group (SFIG) to bring together all the key players across the entire asset management value chain, including fund managers and service providers such as lawyers, tax advisors, fund administrators and directors. The group will strengthen Singapore’s value proposition as a leading full-service hub for asset management and fund-domicile, helping new and existing fund managers in using Singapore to manage assets.
” Monetary Authority of Singapore and Industry Group Launches New Asset Management Industry Group – SFIG “
The Singapore Funds Industry Group (SFIG) is co-chaired by Kai-Niklas Schneider (Managing Partner of Clifford Chance Singapore) and Gillian Tan (Assistant Managing Director of MAS), along with many leading asset management professionals including Amy Ang, Arnold Tan, Ashmita Chhabra, Danny Yong, Justin Ong, Mark Voumard, Martin O’Regan, Ross Crawford, Susan Soh and Sanjay Gujral.
Related:
- The Future of Capital is Green: Keynote Address by Ravi Menon at IMAS-Bloomberg Investment Conference 2021
- Singapore Central Bank MAS Releases Asset Management Survey 2019
- Indonesia President Jokowi Targets $200 Billion Sovereign Wealth Fund
- $342 Billion Investment Firm KKR Raises $15 Billion for Asia Fund
- Top Hedge Fund Manager and Billionaire Ray Dalio Setup Family Office in Singapore
Singapore – More than 1,000 fund managers and $2.96 trillion assets
Singapore is one of the leading financial centre and leading asset management hub in the world and in Asia with more than 1,000 fund managers domiciled in Singapore.
In the 2019 MAS Asset Management Survey, Singapore reported $2.96 trillion managed assets (S$4 trillion) or 3.3% of global managed assets ($89 trillion).
2019 Key Statistics
- More than 1,000 licensed & regulated asset managers (2021)
- Global AUM – $89 trillion
- $2.96 trillion / S$4 trillion
- Alternatives – $538 billion
- Private Equity – $181 billion
- Hedge Funds – $148 billion
- REIT – $94 billion
- Real Estate – $105 billion
- Venture Capital – $8.2 billion
- Collective Investment Scheme – $95 billion
- Singapore global share of ESG managed assets 28% (2019)
- Global ESG fund assets total $1 trillion (July 2020)
- Almost 300 Private Equity and Venture Capital managers based in Singapore (2019)
SFIG Singapore Funds Industry Group
The new industry group Singapore Funds Industry Group (SFIG), comprising of fund managers and service providers such as lawyers, tax advisors, fund administrators and directors, will strengthen Singapore’s value proposition as a leading full-service hub for asset management and fund-domicile.
The service providers will also work closely with fund managers to support a fund’s operations throughout its life-cycle in areas such as fund structuring, set-up, fund administration, regulatory reporting, tax advisory, and fiduciary oversight.
Visit: Singapore Funds Industry Group
The SFIG Executive Committee (ExCo)
The SFIG Executive Committee (ExCo) is co-chaired by Mr Kai-Niklas Schneider, Managing Partner, Head of Funds and Investment Group, Clifford Chance Singapore and Ms Gillian Tan, Assistant Managing Director (Development & International), MAS.
Full list of members
Co-Chairs:
- Kai-Niklas Schneider Managing Partner, Head of Funds and Investment Group, Clifford Chance Singapore and Chairman, Promotion of Singapore Law Committee (Funds Sub-Committee), Singapore Academy of Law
- Gillian Tan Assistant Managing Director (Development & International), MAS
Members:
- Amy Ang – Partner, Financial Services Tax Leader, APAC, Ernst & Young
- Arnold Tan – Co-head, Funds and Investment Management Group, Rajah & Tann
- Ashmita Chhabra* – Chairman, Singapore Fund Administrators Association
- Danny Yong – Chief Executive Officer and Chief Investment Officer, Dymon Asia
- Justin Ong – Partner, APAC Asset and Wealth Management Leader, PwC Singapore
- Mark Voumard – Founder and CEO, Gordian Capital
- Martin O’Regan* – Chairman, Singapore Fund Directors Association
- Ross Crawford* – Chairman, Alternative Investment Management Association, Singapore
- Susan Soh* – Chairman, Investment Management Association of Singapore
- Sanjay Gujral* – Chairman, Singapore Venture Capital & Private Equity Association
*The appointment will be transferred to the next Chairman of the association, when appointed.
Managing Partner, Head of Funds and Investment Group of Clifford Chance Singapore, Kai-Niklas Schneider:
“As the leading onshore asset management hub in Asia with a business-friendly environment, robust regulatory framework, extensive double taxation treaty network and an ecosystem of experienced service providers, Singapore is uniquely positioned to benefit from the current trend for funds to be domiciled alongside their managers in onshore jurisdictions with substance.
As Singapore continues to solidify its position as a premier funds centre, SFIG will play a critical role in coordinating efforts of MAS and private sector stakeholders to continue to drive sustainable development and growth of the Singapore funds industry. I look forward to working with the MAS team on this important initiative.”
Monetary Authority of Singapore Assistant Managing Director (Development & International), Gillian Tan:
“Singapore is a leading pan-Asian asset management hub with a diverse base of more than 1,000 fund managers. Assets under management have grown at a compound annual growth rate of 11% over the last five years to S$4 trillion at the end of 2019. More than 260 Variable Capital Companies (VCCs) have been set up in Singapore since the launch of the VCC framework in January last year.
Looking ahead, there is much scope for the funds industry in emerging growth areas such as green finance and sustainability, technology and innovation. The SFIG will maximise synergies across players from various industries to deepen Singapore’s value proposition as a leading international funds hub.”
The Singapore Funds Industry Group (SFIG) will identify emerging industry trends and formulate strategies to develop the asset management ecosystem through 4 working groups:
- The Infrastructure and Innovation WG will monitor market developments and spur innovation to transform the funds servicing value chain. The WG will develop industry-wide utility solutions to achieve greater economies of scale and efficiencies, such as fund data and settlement platforms which will collect and harness insights through data analytics, streamline manual processes and automate reporting.
- The Policy WG will provide advice and recommend improvements to regulatory, legal and tax frameworks, to better serve the needs of fund managers and investors. The WG will review and recommend enhancements to the current suite of fund structures and consider broadening the range of fund structuring options in Singapore.
- The Capabilities and Training WG will focus on building a deep pool of fund specialists and directors in areas such as product development, administration, distribution and fund oversight and governance. The WG will collaborate with tertiary institutions, professional bodies and training providers to upskill professional standards and build deep capabilities for these professionals, including in new and emerging areas such as green finance and ESG solutions.
- The Promotion and Advocacy WG will raise the global profile of Singapore as a leading asset management and fund domiciliation hub, through outreach and engagements with Singapore-based and global asset managers, asset owners and service providers.
MAS:
- The Future of Capital is Green: Keynote Address by Ravi Menon at IMAS-Bloomberg Investment Conference 2021
- Singapore Central Bank MAS Releases Asset Management Survey 2019
- Singapore Central Bank MAS Announces Initiatives to Support New Interest Rate – Singapore Overnight Rate Average (SORA)
- Singapore Central Bank MAS and IBF Launches Skills Map for Family Office Advisors
- MAS Makes Key Changes to Senior Management Team, Appoints Ho Hern Shin as new Deputy Managing Director
- Singapore Central Bank MAS Appoints Leong Sing Chiong as New Deputy Managing Director to Oversee Markets & Development
Related:
- Indonesia President Jokowi Targets $200 Billion Sovereign Wealth Fund
- New Indonesia Sovereign Wealth Fund Grows Assets to $15 Billion, Appoints First CEO
- $342 Billion Investment Firm KKR Raises $15 Billion for Asia Fund
- Top Hedge Fund Manager and Billionaire Ray Dalio Setup Family Office in Singapore
- UBS Releases 2020 Sustainability Report & Sharp Rise in Sustainable Investment to $793 Billion
- $562 Billion Asset Manager Aberdeen Standard Investments Appoints René Buehlmann as New APAC CEO
- $1.5 Trillion Asset Manager Franklin Templeton Launches Investment Institute
- $2 Trillion Asset Manager Amundi to Buy $147 Billion ETF Pioneer Lyxor for $978 Million
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